Name: 【TED】Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency. (Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.)
Uploaded: 2017-10-14T09:42:41.000Z
Duration: 10 min 52 s
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The second conditional

a bottle of Tide detergent and sweat was,

you'd probably think that's the easiest question

that you're going to be asked in Edinburgh all week.

But if I was to say that they're both examples

in a hyperconnected, data-driven global economy,

you'd probably think I was a little bit bonkers.

that I was asked, actually, by one of our writers

a couple of weeks ago, and I didn't know the answer:

What's the world's best performing currency?

Now, for those of you who may not be familiar,

Bitcoin is a crypto-currency, a virtual currency, synthetic currency.

It was founded in 2008 by this anonymous programmer

He's almost like the Banksy of the Internet.

And I'm probably not going to do it proper service here,

but my interpretation of how it works is that

Bitcoins are released through this process of mining.

So there's a network of computers that are challenged

to solve a very complex mathematical problem

and the person that manages to solve it first gets the Bitcoins.

they're put into a public ledger called the Blockchain,

and then they float, so they become a currency,

and completely decentralized, that's the sort of

scary thing about this, which is why it's so popular.

So it's not run by the authorities or the state.

And the reason that it's proved very successful

is it's private, it's anonymous, it's fast, and it's cheap.

And you do get to the point where there's some wild fluctuations with Bitcoin.

So in one level it went from something like 13 dollars

to 266, literally in the space of four months,

and then crashed and lost half of its value in six hours.

But what it does show is that it's sort of gaining ground,

You get services, like Reddit and Wordpress

are actually accepting Bitcoin as a payment currency now.

are actually placing trust in technology,

and how we think about currencies and money.

And that's not surprising, if you think about

I think there was a Gallup survey out recently

trust in banks is at an all-time low, it's something like 21 percent.

And you can see here some photographs from London

where Barclays sponsored the city bike scheme,

and some activists have done some nice piece

of guerrilla marketing here and doctored the slogans.

"Sub-prime pedaling." "Barclays takes you for a ride."

These are the more polite ones I could share with you today.

But you get the gist, so people have really started

they do this very interesting survey every year

precisely around trust and what people are thinking.

And this is a global survey, so these numbers are global.

And what's interesting is that you can see that

so people trust people like themselves more

than they trust corporations and governments.

And if you look at these figures for the more developed markets

like U.K., Germany, and so on, they're actually much lower.

People are actually trusting businesspeople

more than they're trusting governments and leaders.

So what's starting to happen, if you think about money,

if you sort of boil money down to an essence,

it is literally just an expression of value, an agreed value.

So what's happening now, in the digital age,

is that we can quantify value in lots of different ways

and sometimes the way that we quantify those values,

to create new forms and valid forms of currency.

In that context, you can see that networks like Bitcoin

So if you think we're starting to question

and disrupt and interrogate what money means,

what our relationship with it is, what defines money,

is there a reason for the government to be in charge

So obviously I'm looking at this through a marketing prism,

【TED】Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency. (Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.)

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【TED】Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency. (Paul Kemp-Robertson: Bitcoin. Sweat. Tide. Meet the future of branded currency.)

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